WASHINGTON – A Federal Reserve survey released Wednesday found that the U.S. economy held steady during the 16-day partial government shutdown in October, growing moderately in most regions from October through late November.
The Fed said seven of its 12 banking districts described growth as moderate. Four – Philadelphia, Chicago, Kansas City and San Francisco – said growth was modest. Boston said growth was up.
Manufacturing strengthened in most districts, helped by production of autos and high-tech products. Consumers boosted spending in most regions, and retailers were hopeful yet cautious about the holiday shopping season. Hiring improved in five of the districts.
The Beige Book survey, as it is known, is based on anecdotal reports from businesses and will be considered along with other data when the Fed meets Dec. 17 and 18.